Stock Futures Flat After Wall Street's Third Straight Losing Day
Wall Street experienced its third consecutive losing day as stock futures remained nearly flat following a rally in bond yields and oil prices. The Dow Jones Industrial Average fell over 400 points, with technology stocks dragging the Nasdaq Composite down by about 1%. Meanwhile, West Texas Intermediate crude climbed above $90 per barrel for the first time since late July due to heightened tensions from U.S. military strikes on Iran. The rise in U.S. 10-year Treasury yields has raised concerns among investors of a global bond market selloff reminiscent of the 1997 Asian financial crisis. Analysts suggest that higher interest rates are pressuring stock valuations by forcing analysts to discount future earnings more aggressively, thereby reducing price-to-earnings multiples. Investors will be watching key economic data including ADP's private payrolls report and factory earnings figures on Wednesday, along with the Federal Reserve’s Beige Book. Earnings reports from Hewlett Packard Enterprise, Snowflake, and Broadcom are also expected after market close.
Topics: bond_yields geopolitical_conflict oil_prices stock_market_reaction